PIMCO California Municipal Income Fund III (NYSE:PZC) Sees Large Increase in Short Interest

PIMCO California Municipal Income Fund III (NYSE:PZC) was the recipient of a significant increase in short interest in the month of August. As of August 31st, there was short interest totalling 7,800 shares, an increase of 875.0% from the August 15th total of 800 shares. Based on an average daily trading volume, of 57,500 shares, the short-interest ratio is currently 0.1 days.

PIMCO California Municipal Income Fund III Trading Up 0.5 %

Shares of PZC traded up $0.04 during midday trading on Friday, hitting $7.49. 54,257 shares of the company traded hands, compared to its average volume of 50,540. The stock has a 50-day moving average of $7.30 and a 200-day moving average of $7.29. PIMCO California Municipal Income Fund III has a one year low of $6.30 and a one year high of $7.90.

PIMCO California Municipal Income Fund III Cuts Dividend

The business also recently declared a monthly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be given a dividend of $0.0295 per share. This represents a $0.35 annualized dividend and a dividend yield of 4.73%. The ex-dividend date is Friday, September 13th.

Institutional Investors Weigh In On PIMCO California Municipal Income Fund III

Hedge funds and other institutional investors have recently modified their holdings of the stock. Spire Wealth Management bought a new position in shares of PIMCO California Municipal Income Fund III in the fourth quarter worth approximately $50,000. Logan Stone Capital LLC bought a new position in shares of PIMCO California Municipal Income Fund III in the second quarter worth approximately $83,000. Hennion & Walsh Asset Management Inc. increased its position in shares of PIMCO California Municipal Income Fund III by 5.6% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 483,955 shares of the investment management company’s stock worth $3,673,000 after purchasing an additional 25,453 shares during the last quarter. Wolverine Asset Management LLC increased its position in shares of PIMCO California Municipal Income Fund III by 5,134.2% in the second quarter. Wolverine Asset Management LLC now owns 31,405 shares of the investment management company’s stock worth $225,000 after purchasing an additional 30,805 shares during the last quarter. Finally, Advisors Asset Management Inc. increased its position in shares of PIMCO California Municipal Income Fund III by 12.8% in the first quarter. Advisors Asset Management Inc. now owns 654,727 shares of the investment management company’s stock worth $4,969,000 after purchasing an additional 74,055 shares during the last quarter.

PIMCO California Municipal Income Fund III Company Profile

PIMCO California Municipal Income Fund III is a closed ended fixed income mutual fund launched and managed by Allianz Global Investors Fund Management LLC. It is co-managed by Pacific Investment Management Company LLC. The fund invests in fixed income markets. It seeks to invest in stocks of companies operating across diversified sectors.